In this week’s episode of Dollars & Sense with Joel Garris, Joel dives into two urgent questions facing American investors and retirees: How will the Corporate Transparency Act (CTA) affect your business, and are you prepared for the costly pitfalls of inherited IRA rules?
First, Joel unpacks the latest developments in the Corporate Transparency Act, including an interview with Simon Conway. Listeners learn why recent rule changes and enforcement suspensions mean most U.S. companies are temporarily off the hook for beneficial ownership reporting—but why foreign entities and ongoing litigation could shift the landscape again soon. Joel and Simon highlight the burden on small businesses and the complex path to reversing these requirements.
Next, Joel explores the growing crisis of Americans sacrificing retirement savings to support family members. He shares surprising statistics: While most are willing to cut back on their own lifestyles or work longer, only a small fraction are willing to reconsider family support. Joel offers practical strategies for setting boundaries, planning tax-efficient gifts, and balancing the needs of the “sandwich generation.”
The episode’s third segment tackles the new inherited IRA rules that could cost unwary beneficiaries thousands in penalties. Joel explains how missing required withdrawals can trigger a 25% penalty and push you into a higher tax bracket, plus the common mistakes people make and the tax-smart moves to avoid them.
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